A long-dormant Ethereum address that participated in the blockchain's initial coin offering, or ICO, awoke after 7.7 years. It transferred one ether to a new address — which some speculate indicates a test transaction — in block 17110898, timestamped more than 10 hours ago. This was the wallet's first sent transaction. The wallet in question received 2,365 ether — worth approximately $4.42 million today — at Ethereum's genesis, on-chain analysis account Lookonchain noted. One ether cost roughly $0.31 during Ethereum's ICO. Today's ether price is currently $1860. [caption id="attachment_227836" align="aligncenter" width="2677"] The Ethereum ICO participant was inactive for more than 2823 days. Source: Etherscan[/caption] Old crypto addresses are waking up After a lengthy dormancy, the Ethereum ICO participant's activity follows a pair of similar transactions from old bitcoin whale addresses. On April 21, a bitcoin whale that had been inactive for a decade transferred 279 bitcoins — worth $7.8 million at the time of the transaction — to three new addresses. That transaction came a day after another long-dormant bitcoin whale transferred 2,071.5 BTC — worth $60.7 million — after nine years of inactivity. While the specific reasons for the moves remain unknown, speculation exists that some long-time crypto users are moving old funds to new wallets amid a claimed wallet-draining operation allegedly targeting old wallets — though substantiated details remain scarce. This story has been updated with information about other recent transactions from old crypto addresses.© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source : [Ethereum ICO participant awakes after 7.7 years of dormancy](www.theblock.co/post/227826/ethereum-ico-7-years?utm_source=feedly&utm_medium=rss) by Adam James - The Block by Adam James / April 24, 2023